The consolidated interim financial statements of Vista consolidate the accounts of entities in which we have a controlling financial interest. All intercompany balances and transactions have been eliminated in the consolidated financial statements. Our subsidiaries and percentage ownership in these entities are:

	Ownership
Vista Gold U.S., Inc. and its subsidiary		100	%
Vista California, LLC		100	%
Granges Inc.		100	%
Desarrollos Zapal Holding Corp. and its subsidiaries		100	%
Desarrollos Zapal S.A. de C.V. (1% owned by Granges Inc.) and its subsidiaries (a)		99	%
Servicios Administrativos MPA S.A. de C.V. (1% owned by Granges Inc.)		99	%
Servicios Industriales MPA S.A. de C.V. (1% owned by Granges Inc.)		99	%
Vista Gold (Barbados) Corp. and its wholly-owned subsidiary		100	%
Salu Siwa Pty. Ltd and its subsidiary		100	%
PT Masmindo Dwi Area (1% owned by Vista Gold (Barbados) Corp.)		99	%
Vista Minerals (Barbados) Corp. and its wholly-owned subsidiary		100	%
Vista Gold Australia Pty Ltd.		100	%
Minera Gold Stake Holdings Corp. (name changed from Vitliq Holdings Corp. effective January 23, 2012)		100	%
Minera Gold Stake S.A. de C.V. (name changed from Vitliq S.A. de C.V. effective January 23, 2012) (1% owned by Granges Inc.)		99	%

(a)

On February 7, 2012, we entered into an earn-in right agreement (the "Earn-in Right Agreement") with Invecture Group, S.A de C.V. ("Invecture") whereby Invecture has the right, exercisable by February 7, 2014 (subject to extension) (the "Earn-in Right Period"), to earn a 62.5% interest in the Concordia gold project, which is owned through our wholly-owned, Mexican subsidiary, Desasarrollos Zapal, S.A. de C.V. ("DZ Mexico"). During the Earn-in Right Period and subject to the terms of the Earn-in Right Agreement, Vista holds 37.5% of the DZ Mexico shareholder voting rights. The remaining 62.5% of the DZ Mexico shareholder voting rights are held in a trust that is instructed by representatives of Vista and Invecture. Upon Invecture's exercise of the earn-in right, Vista will continue to hold a 37.5% interest in DZ Mexico and the Concordia gold project. See Note 5 for further discussion.